Or will they die? A mill goes pretty damn quick these days ... check http://eu.techcrunch.com/2009/10/30/finnish-startup-fruugo-avoids-meltdown-with-approx-e1-million-in-bridge-funding/
Fruugo CEO Juha Usva recently told press that the company’s financial situation was ‘tight’ and that they were having more trouble finding capital because of the recession than anticipated.
This is what Usva just informed me by e-mail:
“Fruugo recently arranged a share issue, directed to existing shareholders. With this we raised sufficient funding to continue working on some other arrangements, but in practise the fund raising continues. From business perspective, we have now moved to an active business mode, and are building the scope gradually (from category and geographical perspective). Things are moving to a good direction, and we are looking forward to successful remaining of the year and 2010.”
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